Page 35 - Healthcare News Jan/Feb 2022

Heart
Continued from page 8
a stroke.
For smokers, Pack said he is “a big fan
of addressing this bad habit first,” and that “it’s never too late to quit smoking” because r e s e a r c h h a s s h o w n t h a t q u i t t i n g s m o k i n g can cut the risk of repeat heart attacks and death from heart disease by about half. “It’s the most important and powerful behavior change I know of to prevent heart disease.”
Many medications and online are avail- able to help people quit, he added. “The goal is total cessation. Although promoted as a quitting agent, e-cigarettes as a bridge to quitting smoking has so far been mostly unsuccessful. Also, e-cigarettes have been linked to thousands of cases of serious lung injury. The CDC recommends that people
Healthy
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Now What?
The landscape of cryptocurrency and digital assets is evolving daily. The variety of investment options continues to expand, as does the number of investors. As you consider joining the cryptocurrency mar- ketplace, there are a few things to keep in mind.
First and foremost, investors should con- sider investing in cryptocurrency-tracking software. Subscriptions vary in price and quality. Providers are racing to improve their systems and close the reporting gaps for DeFi, NFTs, and play-to-earn. Staying apprised of new developments in this space is key for taxpayers as the IRS increases oversight for cryptocurrency.
Starting in 2023, the IRS will require that 1099-Bs are issued to taxpayers who invest in cryptocurrency. These forms will
“One joint is equivalent to inhaling the smoke from one cigarette. While one won’t kill you, smoking a joint every day can catch up with your heart and cause other health issues.”
DR. QUINN PACK
important. This can include medication, prayer, purposeful gratitude, and mind- fulness. Even taking a minute or two
to notice one’s surroundings and find gratitude can improve health, he said.
There is good news and bad news, Pack noted.
“The good news is that we are living
in the golden age of cardiology. If you adhere to your physician’s advice to stop smoking, follow your recommended diet, exercise, take your medications regularly,
and actively participate in therapies your doctor orders, then your chance of survival has never been better. If you choose not to, then you can expect to have multiple more problems with your heart and a shorter lifespan.
“The bad news is that we have no cure for heart disease yet,” he added. “But to- day’s modern therapies can slow the disease greatly, and that is good news overall.” v
presently due to its classification as prop- erty. This is an ever-evolving environment and requires prudence.
While some trends at the beginning of the pandemic, such as whipped coffee and banana bread, seemed to dim their lights, the cryptocurrency market is continuing to blaze new trails. It’s important to work with a qualified tax preparer to navigate the complex tax situations that come with entering the cryptocurrency marketplace.
This material is not intended to serve as tax or finance advice. You should obtain any appropriate professional advice rel- evant to your particular circumstances by consulting an advisor. u
Brendan Cawley, EA, is a tax supervi- sor with the Holyoke-based account- ing firm Meyers Brothers Kalicka, P.C., and Ian Coddington, CPA, is a senior associate with MBK. Lauren Foley, MSA, and Anthony Romei, MBA, both associates with the firm, also contrib- uted to this article.
HCN INDEX OF ADVERTISERS
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that even small amounts of alcohol can increase a person’s risk of cardiovascular disease.”
Therefore, Pack noted, “if you are drinking wine for the health benefits of the antioxidants it contains, you are much better off getting antioxidants from eating fresh blueberries and grapes instead.”
Addressing mental health is also impor- tant, he explained. Exercise has powerful effects on reducing depression and anxiety. Additionally, stress reduction can be
2023. Failure to report these details could result in civil penalties or felony charges.
Finally, please remember that the IRS’s definition of cryptocurrency and digital as-
While some trends at the beginning of the pandemic, such as whipped coffee and banana bread, seemed to dim their lights, the cryptocurrency market is continuing to blaze
not use e-cigarettes.”
Not smoking also applies to marijuana,
Pack said. “One joint is equivalent to inhal- ing the smoke from one cigarette. While one won’t kill you, smoking a joint every day can catch up with your heart and cause other health issues.”
As for alcohol consumption, the World Heart Federation released a statement last month noting “the evidence is clear: any level of alcohol consumption can lead to loss of a healthy life, with studies showing
capture the proceeds and cost basis from the cryptocurrency investments. Taxpayers should be mindful of tracking these items
dependently to ensure accuracy.
new trails.”
The IRS is already issuing an increased number of notices to taxpayers who are known or suspected to invest in cryptocur- rency. These notices typically are numbered 6174, 6174-A, and 6173. Only notice 6173 requires a response, but each notice indi- cates that the IRS is watching the taxpayer for cryptocurrency investments. In addi- tion, the IRS requires that Form 8300 be filed by a taxpayer who receives more than $10,000 in digital assets starting after Jan. 1,
sets could change dramatically in the com- ing years. In fact, as of this past week, there has been a new court case that resulted in a decision that contradicts the IRS’s previous position on staking rewards.
Additionally, while cryptocurrency is currently viewed as property, if the IRS recharacterizes these investments as securi- ties, then that could result in significant tax implications. For example, cryptocurrency is currently not subject to wash-sale rules
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